Connect with us

Hi, what are you looking for?


Shares drop on profit taking ahead of US data

Philippine Stock Exchange index

STOCKS declined on Friday on profit taking ahead of the release of the US consumer price index report.

The benchmark Philippine Stock Exchange index (PSEi) fell 42.75 points or 0.59% to close at 7,192.17 on Friday, while the broader all shares index slid by 12.12 points or 0.31% to 3,830.43.

“Local shares were sold as investors took in some of their profits ahead of the CPI data release this Friday in the US. Economists, as surveyed by Dow Jones, expect the Nov inflation to hit 6.7% year on year–the hottest since June 1982,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

The US CPI for November was due later on Friday and a Reuters poll of economists expect it to have risen 6.8% year-on-year, overtaking a 6.2% increase in October, which was the fastest gain in 31 years.

Any upside surprise will likely be interpreted as a case for a faster Federal Reserve taper and bring forward expectations for interest rate rises.

“After PSEi gained for five straight days, the decline today is considered healthy,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message on Friday.

All sectoral indices closed in the red on Friday. Financials fell 21.76 points or 1.35% to 1,590.47; property lost 31.54 points or 0.96% to 3,233.90; industrials dropped 35.63 points or 0.34% to 10,397.95; mining and oil decreased 16.76 points or 0.18% to 9,196.45; holding firms gave up 9.54 points or 0.13% to 6,968.68; and services went down 1.01 points or 0.05% to 1,993.97.

Value turnover increased to 15.52 billion with 3.57 billion issues switching hands on Friday from the P8.61 billion with 1.87 billion shares traded on Thursday.

Decliners beat advancers, 103 against 99, while 43 names closed unchanged.

Net foreign selling jumped to P9.57 billion from the P1.09 billion seen the previous trading day.

Mr. Ricafort said the PSEi’s immediate support is at the 7,000-7,040 levels, while immediate resistance will be at 7,230-7,260.

“Support may be drawn at the 6,800 area, while 7,454.50 may be considered the resistance area to watch next week,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message. — M.C. Lucenio with Reuters

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



MARKUS SPISKE-UNSPLASH I am pleased to share with readers the political section of our latest quarterly outlook report for Globalsource Partners (, a subscriber-based...


PEXELS ANGIE-REYES The bill establishing the Maharlika Wealth Fund (MWF), described as a Sovereign Wealth Fund (SWF), has taken a severe beating. It has...


PEXELS-LARA JAMESON China’s rise as an economic powerhouse is arguably the most spectacular story of the early 21st century. But are China’s glory days...


WHOSE pandemic strategy really saved lives? Which states or countries lost the most people to the virus? Or to the unintended consequences of mitigation...

Editor’s Pick

More than half of all Londoners have either started their own business or aspire to do so in 2023, compared to nearly a third...

Editor’s Pick

The John Lewis Partnership has struck a £500m deal with the investment firm Abrdn to build 1,000 residential rental homes, redeveloping three sites already...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.